1 00:00:00,000 --> 00:00:04,001 What I thought I'd do is quickly go through kind of how the Internet Archive has 2 00:00:04,001 --> 00:00:07,000 been using Bitcoin and having just a great time with it. 3 00:00:07,001 --> 00:00:12,001 But really wanted to end with Jordan, who's running the Internet Credit Union, 4 00:00:13,000 --> 00:00:16,000 which is our trade name for the Internet Archive Federal Credit Union. 5 00:00:16,001 --> 00:00:21,001 And we started building that a couple years ago, just in case we needed a bank. 6 00:00:21,001 --> 00:00:25,000 And I think we've now started to find why we might need one. 7 00:00:25,000 --> 00:00:31,001 So I would like to end with enough time to go and see if there's any ideas of 8 00:00:31,001 --> 00:00:35,000 what it is we can do collectively. 9 00:00:35,001 --> 00:00:39,000 What are some more of the pieces missing to make this ecology actually work? 10 00:00:39,001 --> 00:00:42,000 So, okay, so Internet Archive, what are we? 11 00:00:42,001 --> 00:00:45,000 We're a nonprofit library. We're based in San Francisco. 12 00:00:45,001 --> 00:00:47,001 We've been around since 1996. 13 00:00:48,001 --> 00:00:50,001 We started by collecting the World Wide Web. 14 00:00:50,001 --> 00:00:53,000 And now we collect a whole pile of other 15 00:00:53,000 --> 00:00:55,000 things, too, and we give everything away. 16 00:00:55,001 --> 00:01:02,001 So I think of ourselves in sort of the company of the Wikipedia's, the 17 00:01:02,001 --> 00:01:06,001 Electronic Frontier Foundation's, the Public Library of Science, sort of these 18 00:01:06,001 --> 00:01:12,000 Internet-oriented organizations designed specifically for the Net. 19 00:01:13,000 --> 00:01:16,000 Just to sort of flip through, we've got a lot of software 20 00:01:16,000 --> 00:01:17,001 titles that are available for free. 21 00:01:17,001 --> 00:01:22,000 We now have a physical book archive of 600,000 books trying to get to 10 million. 22 00:01:23,000 --> 00:01:28,001 We have moving image collection on the archive. org site that people can go to and 23 00:01:28,001 --> 00:01:32,001 download, watch, play with, cut, paste, do whatever they want with. 24 00:01:33,000 --> 00:01:39,001 And you can also upload your own. So you can go to archive.org, hit 25 00:01:39,001 --> 00:01:41,000 upload, and upload to it. 26 00:01:41,000 --> 00:01:44,000 Now you say, well, isn't that what YouTube does? 27 00:01:44,000 --> 00:01:45,001 And it's absolutely what YouTube does. 28 00:01:45,001 --> 00:01:49,001 But people use us for fairly different sorts of things, usually longer form 29 00:01:49,001 --> 00:01:52,000 things or things in really higher res or 30 00:01:52,000 --> 00:01:53,001 things you want people to be able to download. 31 00:01:54,001 --> 00:01:56,001 And it's much more of a sort of a library, if you will. 32 00:01:57,000 --> 00:02:03,001 We have audio recordings. We've got 100,000 live concert recordings. We have 33 00:02:03,001 --> 00:02:05,000 everything The Grateful Dead ever did. 34 00:02:05,000 --> 00:02:10,000 And about 5,000 other bands. We have also 35 00:02:10,000 --> 00:02:16,000 Net labels and 78 RPM records and lots 36 00:02:16,000 --> 00:02:18,000 and lots and lots of audio. 37 00:02:19,000 --> 00:02:22,000 Television, we have 2 million hours of television. We started 38 00:02:22,000 --> 00:02:24,000 recording television in the year 2000. 39 00:02:24,001 --> 00:02:29,001 Russian, Chinese, Japanese, Iraqi, Al Jazeera, BBC, CNN, ABC, Fox. 24 40 00:02:29,001 --> 00:02:31,000 hours a day DVD quality. 41 00:02:31,000 --> 00:02:38,000 And we've made about four years of it available searchable on the internet 42 00:02:38,000 --> 00:02:41,000 of the television news to try to make everyone into 43 00:02:41,000 --> 00:02:42,001 a John Stewart research department. 44 00:02:43,000 --> 00:02:45,001 So basically you can go and search what 45 00:02:45,001 --> 00:02:47,001 people said and be able to pull out clips. 46 00:02:47,001 --> 00:02:52,000 If you want the full thing, you can go and borrow a DVD from us of it. 47 00:02:52,000 --> 00:02:56,000 And the whole reason why we're sort of doing sort of clunky of why borrow a DVD 48 00:02:56,000 --> 00:03:02,001 is to basically come up with a respectful way of dealing with the producers 49 00:03:02,001 --> 00:03:06,001 and the stations so that they don't sue us into oblivion. 50 00:03:07,000 --> 00:03:10,001 And the idea is, you know, what's the right balance in all of this? 51 00:03:12,001 --> 00:03:17,000 So we have electronic books. We basically digitize 1,000 books every day. 52 00:03:17,001 --> 00:03:21,000 And we make them freely, publicly available for bulk download. 53 00:03:21,000 --> 00:03:23,000 There's a Google project that's working with a bunch of 54 00:03:23,000 --> 00:03:25,000 libraries, but those are all locked up. 55 00:03:25,001 --> 00:03:29,000 So you can get them onesie-twosie, but even the public 56 00:03:29,000 --> 00:03:31,000 domain you can't download in bulk. 57 00:03:32,000 --> 00:03:37,001 And then there's the in-copyright materials, which we lend to people, at least 58 00:03:37,001 --> 00:03:39,000 during the 20th century materials. 59 00:03:39,001 --> 00:03:43,001 We lend one copy at a time to people, and it's all working just fine. 60 00:03:43,001 --> 00:03:45,001 So we work with about 500 libraries to do this. 61 00:03:45,001 --> 00:03:47,001 And we have lots and lots of web pages. 62 00:03:47,001 --> 00:03:51,000 Have people used the Wayback Machine? Do you know what this is? 63 00:03:51,001 --> 00:03:55,001 So the Wayback Machine on archive. org, you can go and type in a URL and 64 00:03:55,001 --> 00:03:57,000 see the web as it was. 65 00:03:57,001 --> 00:03:58,001 And it's getting big. 66 00:03:59,000 --> 00:04:03,001 We collect a snapshot of every web page from every website every two 67 00:04:03,001 --> 00:04:05,001 months, and we have since 1996. 68 00:04:06,001 --> 00:04:09,001 So the idea is, like the search engines, they go and crawl the web. 69 00:04:09,001 --> 00:04:13,000 We do, and then we capture it, and then we make it into the Wayback Machine. 70 00:04:13,001 --> 00:04:15,000 And so this is a free service. 71 00:04:15,000 --> 00:04:19,001 Okay. So what did we do with Bitcoin? 72 00:04:20,001 --> 00:04:23,001 Well, it seemed like a very internet-oriented thing, and some of the people at 73 00:04:23,001 --> 00:04:28,000 the Internet Archive, Gordon Moore and Edward Betts, were sort of doing things on 74 00:04:28,000 --> 00:04:29,001 the side with it. 75 00:04:30,000 --> 00:04:33,001 And then people started writing us in 2011 said, can we 76 00:04:33,001 --> 00:04:35,001 donate Bitcoins to the Internet Archive? 77 00:04:35,001 --> 00:04:38,000 Electronic Frontier Foundation and Wikipedia won't allow it. 78 00:04:38,001 --> 00:04:41,001 You know, if you allow us to download, if you allow us to 79 00:04:41,001 --> 00:04:43,001 donate Bitcoins, we'll donate. 80 00:04:43,001 --> 00:04:45,001 And I used it as a test. 81 00:04:46,000 --> 00:04:50,000 So I gave it to our head of administration to try to figure out how to go and 82 00:04:50,000 --> 00:04:54,001 accept Bitcoin donations with no programmers. 83 00:04:55,000 --> 00:04:58,000 Right? She had no programmer help. She has to figure this out. 84 00:04:58,000 --> 00:05:00,000 If we get to figure that out, then we're on. 85 00:05:00,001 --> 00:05:04,001 And she did. She downloaded Bitcoin-QT and ran it for whatever it was, a day and 86 00:05:04,001 --> 00:05:07,001 a half back then, and caught up. 87 00:05:07,001 --> 00:05:11,001 And we got about $2,000 worth of donations. That was pretty cool. 88 00:05:11,001 --> 00:05:16,000 And last year, 2012, did it again. We got about $6,000. 89 00:05:16,001 --> 00:05:21,000 So I had gone and tried out the whole Mt. Gox thing and tried to transfer $100. 90 00:05:21,000 --> 00:05:22,001 And that was really hard to do. 91 00:05:23,001 --> 00:05:25,001 And so it was like, wow, this thing is still really clunky. 92 00:05:26,000 --> 00:05:28,001 But it seemed to really change in the beginning part of this year. 93 00:05:29,000 --> 00:05:32,000 But we had all of these Bitcoins, and instead of going and just running back to 94 00:05:32,000 --> 00:05:34,000 Mt. Gox and turning it in, we said, why don't we go 95 00:05:34,000 --> 00:05:36,000 and do something more fun with it? 96 00:05:36,000 --> 00:05:42,000 And I asked our CFO, could we go and pay our employees, 97 00:05:42,001 --> 00:05:46,000 optionally, however much they wanted, in Bitcoin? 98 00:05:47,000 --> 00:05:49,000 He turned kind of white and said no. 99 00:05:50,001 --> 00:05:54,001 And then a couple weeks later, he said, okay, I think I figured out how to do it. 100 00:05:55,000 --> 00:06:01,001 And so on April 1st, we offered however much people wanted in Bitcoins. 101 00:06:01,001 --> 00:06:07,001 And about a third of our headquarters employees said, sure, I'll go and take some 102 00:06:07,001 --> 00:06:11,000 Bitcoins and $100, $200. 103 00:06:12,000 --> 00:06:15,000 And so they got these things and was, wow, that's 104 00:06:15,000 --> 00:06:18,000 cool. Now what do we do with it? 105 00:06:19,000 --> 00:06:25,000 And so we made a Bitcoin to cash converter box. This is an honor-based ATM. 106 00:06:26,000 --> 00:06:28,000 It's the lowest tech thing you'll ever see. 107 00:06:28,000 --> 00:06:32,001 But it's completely fun. It's a little open cash box in front of a computer. 108 00:06:33,000 --> 00:06:37,000 And so you go over and you use your QR code or whatever to go and convert back 109 00:06:37,000 --> 00:06:38,001 and forth however you want. 110 00:06:39,001 --> 00:06:43,001 When I wrote about this and put it on a blog, there was some of the comments 111 00:06:43,001 --> 00:06:45,000 back I thought were really interesting. 112 00:06:45,000 --> 00:06:47,000 One was like, you're going to be ripped off immediately. 113 00:06:48,000 --> 00:06:52,000 And it's like, there was sort of this presumption of no trust, right? 114 00:06:52,000 --> 00:06:55,000 Because Bitcoin has sort of been forged in the land of no trust. 115 00:06:57,000 --> 00:07:00,001 And I'm glad that it actually works in a land of 116 00:07:00,001 --> 00:07:02,001 no trust, but I live in a land of trust. 117 00:07:02,001 --> 00:07:05,000 So I said, okay, I'll bet you a nickel, a Bitcoin nickel, 118 00:07:05,000 --> 00:07:07,000 that nobody's going to rip it off. 119 00:07:07,001 --> 00:07:11,001 He didn't take me up on it. So it's still up and running. 120 00:07:11,001 --> 00:07:17,000 And the other thing we did is we got the Nextdoor Sushi place to take Bitcoins. 121 00:07:17,000 --> 00:07:23,000 And so they figured out how to take Bitcoins and 122 00:07:23,000 --> 00:07:25,000 posted a little Bitcoin thing. 123 00:07:25,001 --> 00:07:30,000 And this was my first bill that I'd ever gotten denominated in Bitcoin. 124 00:07:30,000 --> 00:07:31,001 And so I actually eat sushi a lot. 125 00:07:32,001 --> 00:07:39,000 And when Cashmere was doing the Forbes Live on Bitcoin for a week article, it was 126 00:07:39,000 --> 00:07:41,000 the only place that sort of natively accepted 127 00:07:41,000 --> 00:07:43,000 Bitcoins except for the cupcake place. 128 00:07:43,000 --> 00:07:50,000 And this is Cashmere, me, sort of staring over as she took out 129 00:07:50,000 --> 00:07:53,001 a very large crowd of people to a Bitcoin meal. 130 00:07:54,000 --> 00:07:59,000 There was about 60 of us sort of the converged. It was just completely fun. 131 00:07:59,001 --> 00:08:03,000 Okay. So the idea here of why, you know, okay, it's kind of fun and games. 132 00:08:03,000 --> 00:08:05,000 And actually, I think it's the best show in town. 133 00:08:05,001 --> 00:08:07,000 We've just been having a blast with it. 134 00:08:07,000 --> 00:08:10,001 So that's important, right? You should have your revolutions be fun. 135 00:08:11,001 --> 00:08:18,000 But another aspect is to try to find how do we recast a Bitcoin technology that 136 00:08:18,000 --> 00:08:23,000 has been, you know, mostly sort of thought about in negative light in terms of 137 00:08:23,000 --> 00:08:25,001 what it is you can buy, and how can you go and use it for something 138 00:08:25,001 --> 00:08:27,001 kind of more mainstream? 139 00:08:28,000 --> 00:08:30,000 And how do we really use it? 140 00:08:30,000 --> 00:08:32,001 And for us, it's really mostly a transaction system. 141 00:08:32,001 --> 00:08:35,001 It's not a speculation system, at least for me 142 00:08:35,001 --> 00:08:37,000 personally and for the organization. 143 00:08:37,001 --> 00:08:40,000 It's just trying to make it easier to transact. 144 00:08:40,000 --> 00:08:45,000 So when we did a movie at the Internet Archive, the Anonymous documentary, which 145 00:08:45,000 --> 00:08:49,001 is a great movie, Brian Nattenberger documentary on 146 00:08:49,001 --> 00:08:52,000 Anonymous, we accepted Bitcoins. 147 00:08:53,000 --> 00:08:56,000 And it was mostly an education thing because only I think five people 148 00:08:56,000 --> 00:08:57,001 came and did Bitcoins. 149 00:08:58,000 --> 00:09:02,001 But I think it's sort of something that we can do as the Internet Archive, and we 150 00:09:02,001 --> 00:09:05,001 can do in more and more of our companies, even if you're not in a Bitcoin 151 00:09:05,001 --> 00:09:10,000 dedicated company, you know, set up a Bitcoin converter box. It's pretty fun. 152 00:09:10,001 --> 00:09:15,001 So this is sort of where we'd gotten to, but we'd also been doing something quite 153 00:09:15,001 --> 00:09:17,000 a bit earlier. 154 00:09:18,000 --> 00:09:23,000 One was to start up, a couple of years ago, we decided to start up a credit 155 00:09:23,000 --> 00:09:25,001 union, the Internet Archive Federal Credit Union. 156 00:09:26,000 --> 00:09:31,001 And the idea of this is, well, I didn't like banks very much, so why don't we go 157 00:09:31,001 --> 00:09:33,001 and do something about it rather than just complain? 158 00:09:33,001 --> 00:09:38,000 And it thought it would take quite a while to do. 159 00:09:38,001 --> 00:09:41,000 And actually, good news is we're really getting there. 160 00:09:41,001 --> 00:09:48,000 It's just coming around now, and this is the first time this hasn't even arrived. 161 00:09:48,000 --> 00:09:50,000 It's on a little palette there. 162 00:09:50,001 --> 00:09:56,001 So our first Internet credit union, which is the trade name for it, now has 163 00:09:56,001 --> 00:10:02,001 an ATM that will arrive in a couple of weeks. 164 00:10:02,001 --> 00:10:09,000 And we have now debit cards. And so it's happening. 165 00:10:09,001 --> 00:10:10,001 So it's completely fun. 166 00:10:11,000 --> 00:10:17,000 And when the bunch of lawsuits, or not lawsuits, I guess the bank closings or the 167 00:10:17,000 --> 00:10:22,000 hassles that the exchanges have had that have been going on, we thought, you 168 00:10:22,000 --> 00:10:25,001 know, this might be the time that the Internet really needs a credit union. 169 00:10:25,001 --> 00:10:30,000 And we'll play sort of the role the Internet Archive has played in other areas by 170 00:10:30,000 --> 00:10:35,001 going, you know, embracing BitTorrent for distributing millions of legal things, 171 00:10:35,001 --> 00:10:38,000 petabytes of material, da-da-da-da-da. 172 00:10:38,001 --> 00:10:42,001 Maybe there's something that the Internet Archive can do to help the structural 173 00:10:42,001 --> 00:10:47,001 part of the Bitcoin universe. 174 00:10:48,000 --> 00:10:52,000 So I would like to introduce Jordan Modell. 175 00:10:52,000 --> 00:10:55,000 He'll take over who's been building this. 176 00:10:55,001 --> 00:10:58,000 And you can actually go and sign up. 177 00:10:58,001 --> 00:11:00,000 I hope that a few of you do. 178 00:11:00,000 --> 00:11:02,000 I hope that a lot of you don't. 179 00:11:02,001 --> 00:11:03,001 So it's early. 180 00:11:05,001 --> 00:11:08,000 So don't blog about it, please, yet. 181 00:11:09,000 --> 00:11:14,001 But if you go to a search on Internet Credit Union or IAFCU.org, 182 00:11:16,000 --> 00:11:17,001 please try to sign up. 183 00:11:18,001 --> 00:11:18,001 [...] 184 00:11:18,001 --> 00:11:19,000 [...] 185 00:11:19,000 --> 00:11:19,001 Yay. 186 00:11:24,000 --> 00:11:26,001 So Brewster is being a little kind. 187 00:11:27,001 --> 00:11:31,000 We ended up starting the credit union in part because 188 00:11:31,000 --> 00:11:32,001 I had started my career in banking. 189 00:11:33,001 --> 00:11:37,000 And for 20 years I had to endure Brewster saying, banks suck. 190 00:11:39,000 --> 00:11:42,001 And you should just, we need to build our own, right? 191 00:11:42,001 --> 00:11:48,000 And so one of the interesting little statistics that got us to finally go over 192 00:11:48,000 --> 00:11:51,000 the edge and finally say, okay, Brewster, well, let's take a look at this and see 193 00:11:51,000 --> 00:11:56,001 if we can build something that's good, was in 2011, if you took a look at the 194 00:11:56,001 --> 00:12:01,001 bonuses paid out to the big banks, it was $143 billion in bonuses alone. 195 00:12:02,000 --> 00:12:03,000 Not salaries, bonuses. 196 00:12:03,001 --> 00:12:06,000 If you took a look at the total indebtedness of all 50 197 00:12:06,000 --> 00:12:07,001 states, it was $130 billion. 198 00:12:08,000 --> 00:12:10,001 So you could have paid off the debt of every single state 199 00:12:10,001 --> 00:12:12,000 in the United States, which is the bonuses. 200 00:12:12,001 --> 00:12:15,001 So we decided, okay, let's build something that's fun. 201 00:12:15,001 --> 00:12:16,001 Let's build something that's useful. 202 00:12:18,000 --> 00:12:19,001 And let's build something that doesn't suck. 203 00:12:20,001 --> 00:12:24,000 So our first name, actually, we had a naming contest, and what 204 00:12:24,000 --> 00:12:25,001 was winning at the time was, we don't suck. 205 00:12:26,000 --> 00:12:28,000 But we talked to the NCOA, who are the regulators, and they 206 00:12:28,000 --> 00:12:30,000 said, you really can't use that name. 207 00:12:30,000 --> 00:12:34,001 Why don't you try Internet Credit Union? 208 00:12:35,001 --> 00:12:38,001 So the cute little sign, let's see if this works, all right? 209 00:12:38,001 --> 00:12:39,001 So I'm seeing if this works. 210 00:12:39,001 --> 00:12:42,001 So I don't know, show of hands, how many of you really know? 211 00:12:43,000 --> 00:12:44,000 I wonder if the audio works. 212 00:12:44,001 --> 00:12:46,001 Let's see if the audio works, okay? 213 00:12:47,000 --> 00:12:48,001 Quick show of hands, how many people of 214 00:12:48,001 --> 00:12:50,000 accountant of the credit union know what a credit union is? 215 00:12:51,000 --> 00:12:51,001 See, that's good. 216 00:12:52,000 --> 00:12:53,000 All right, we like you. 217 00:12:54,000 --> 00:12:58,001 So what made us decide that we did the right thing was, when we were doing this, 218 00:12:58,001 --> 00:13:03,001 I was giving another speech, and there were a series of wonderful videos on 219 00:13:03,001 --> 00:13:06,000 credit unions, except the total was about 16 minutes long. 220 00:13:06,001 --> 00:13:09,001 So I called up the CMO of the credit union, which was in Vancouver, and 221 00:13:09,001 --> 00:13:11,001 said, hi, I really love your videos. 222 00:13:12,000 --> 00:13:13,000 Can you send all of them to me? 223 00:13:13,000 --> 00:13:13,001 I'm going to cut them down. 224 00:13:14,000 --> 00:13:14,001 I'm not going to give you 225 00:13:14,001 --> 00:13:16,000 credit, and I'm going to speak at a conference about it. 226 00:13:16,000 --> 00:13:16,001 And they said, sure. 227 00:13:17,000 --> 00:13:20,000 And the next day, I had a DVD with all the videos. 228 00:13:20,000 --> 00:13:22,001 And I always imagined myself, say, so I work for Citibank, right? 229 00:13:22,001 --> 00:13:24,001 Calling up Citibank going, love your commercial. 230 00:13:24,001 --> 00:13:27,000 I'd like to take it, cut it, and before you got the end of that 231 00:13:27,000 --> 00:13:28,001 sentence, a lawyer would be at your door, right? 232 00:13:28,001 --> 00:13:32,000 So let's see if this actually works from an audio perspective. 233 00:13:34,001 --> 00:13:35,000 [...] 234 00:13:35,000 --> 00:13:37,000 You can deposit your bank in membership. 235 00:13:37,000 --> 00:13:38,001 The board is also made up of members. 236 00:13:39,000 --> 00:13:41,000 Decisions are based on what's best for the people. 237 00:13:41,001 --> 00:13:41,001 [...] 238 00:13:42,000 --> 00:13:43,000 Banks don't have members. 239 00:13:43,000 --> 00:13:44,000 They have shareholders. 240 00:13:44,001 --> 00:13:47,001 Credit unions are based locally, and therefore can make decisions locally. 241 00:13:48,000 --> 00:13:49,000 A loan, please? 242 00:13:50,000 --> 00:13:51,000 I don't know. 243 00:13:52,000 --> 00:13:55,000 Let me just make sure Toronto is okay with that. 244 00:13:56,000 --> 00:13:57,001 It would be more like this. 245 00:13:57,001 --> 00:13:59,001 Hi, I'd like a loan, please. 246 00:14:00,000 --> 00:14:01,001 Okay, I'll help you set it up. 247 00:14:02,000 --> 00:14:05,001 Credit unions are rated higher for customer service than any of the big banks. 248 00:14:06,000 --> 00:14:09,001 A lot of it has to do with how each financial institution defines service. 249 00:14:10,000 --> 00:14:12,000 Credit unions see it as knowing your name and who you 250 00:14:12,000 --> 00:14:14,000 are, along with your financial goals. 251 00:14:14,001 --> 00:14:16,000 A similar variation in perspective can 252 00:14:16,000 --> 00:14:17,001 be noticed with things like community involvement. 253 00:14:18,001 --> 00:14:20,000 It's all about people helping people. 254 00:14:20,001 --> 00:14:24,000 So, if helping people was a race, credit unions would be way in the 255 00:14:24,000 --> 00:14:25,001 lead with nothing holding them back. 256 00:14:26,000 --> 00:14:29,000 Banks, well, they'd be a little weighed down. 257 00:14:29,001 --> 00:14:30,001 Thanks for watching. 258 00:14:33,001 --> 00:14:36,001 So, everything you ever want to know in a credit union, 57 seconds. 259 00:14:37,001 --> 00:14:39,000 So, quickly about credit unions. 260 00:14:40,000 --> 00:14:43,000 Some of the things that people may not know is we're not for profit. 261 00:14:43,000 --> 00:14:44,000 Sorry, okay, back here. 262 00:14:44,001 --> 00:14:45,001 Okay, we're not for profit. 263 00:14:46,000 --> 00:14:47,001 We're viewed favorably by most everybody. 264 00:14:48,000 --> 00:14:51,000 But the cool thing about a credit union is it can't be bought or sold. 265 00:14:51,000 --> 00:14:55,000 So, if you create a good credit union, no one can come in and say, I'm buying 266 00:14:55,000 --> 00:14:58,000 your stock and turning you into a bad credit union or an evil credit union. 267 00:14:58,001 --> 00:15:02,001 So, that's why we can do some of the things that we're doing now in trying 268 00:15:02,001 --> 00:15:04,000 to reach out to the Bitcoin community. 269 00:15:05,000 --> 00:15:09,001 There are 94 million members, one in three, and about $847 billion in assets. 270 00:15:11,000 --> 00:15:12,001 So, what was our quick mission, right? 271 00:15:13,000 --> 00:15:14,001 We wanted to create an alternative to the big banks. 272 00:15:14,001 --> 00:15:16,001 We wanted to create a viable open source model. 273 00:15:17,000 --> 00:15:20,000 And we wanted to deliver low-cost financial services to those who need it. 274 00:15:20,000 --> 00:15:23,001 Now, I've had funny conversations today with a lot of people. 275 00:15:24,000 --> 00:15:26,000 And they say, okay, well, what fees do you want to charge? 276 00:15:26,001 --> 00:15:30,001 And say, well, we're trying out for $2 a month or something like that to folks. 277 00:15:31,000 --> 00:15:33,000 But the whole goal is to actually get that down. 278 00:15:33,001 --> 00:15:36,001 And people sort of look at me and go, well, okay, you know, huh? 279 00:15:37,000 --> 00:15:37,001 You're trying to get that. 280 00:15:37,001 --> 00:15:40,000 Well, our goal is really not to rip people off, right? 281 00:15:40,000 --> 00:15:43,001 Our goal is to support Bitcoin in whatever way we can that we can legally do. 282 00:15:45,001 --> 00:15:46,001 Right now... 283 00:15:46,001 --> 00:15:47,000 Thank you, thank you. 284 00:15:49,001 --> 00:15:54,000 So, right now we have a really good time with our regulators. 285 00:15:54,001 --> 00:15:55,001 The credit unions are pretty interesting. 286 00:15:56,000 --> 00:15:58,001 They don't go through the Department of Treasury, right? 287 00:15:59,000 --> 00:16:01,001 Technically, the head of the NCOA, that's our regulatory 288 00:16:01,001 --> 00:16:03,001 body, reports directly to Obama. 289 00:16:03,001 --> 00:16:05,000 Now, I don't think she's ever seen Obama. 290 00:16:05,001 --> 00:16:07,001 But there is nothing in between them. 291 00:16:08,000 --> 00:16:12,000 So, the regulations are slightly looser than some of the other banks are. 292 00:16:12,001 --> 00:16:14,001 Plus, we'd like to deal with you, right? 293 00:16:14,001 --> 00:16:17,001 We'd like to do what we can as long as we don't get closed down. 294 00:16:18,001 --> 00:16:20,001 So, what does it take to do a credit union? 295 00:16:20,001 --> 00:16:21,001 Well, first you have to exist. 296 00:16:22,000 --> 00:16:26,000 It took us two years to get our charter. 297 00:16:26,001 --> 00:16:28,001 And that, I'm told, was phenomenally fast. 298 00:16:29,000 --> 00:16:31,000 So, for anybody else who's actually thinking of starting a credit 299 00:16:31,000 --> 00:16:33,000 union out here, we're happy to help. 300 00:16:33,000 --> 00:16:34,000 I mean, honestly, you can call me. 301 00:16:34,000 --> 00:16:35,001 I'll help you with any of the chartering advice. 302 00:16:36,000 --> 00:16:38,001 But you better believe it's going to be two years plus. 303 00:16:39,000 --> 00:16:42,000 And the NCOA is a little scary if you say, I 304 00:16:42,000 --> 00:16:43,001 want to start a Bitcoin credit union. 305 00:16:44,000 --> 00:16:48,000 They're a little like the Wall Street movement, whatever it's called. 306 00:16:50,001 --> 00:16:53,001 Occupy Wall Street movement actually tried to start a credit union. 307 00:16:54,000 --> 00:16:56,001 And I was sitting with an NCOA official when they actually, when their 308 00:16:56,001 --> 00:16:58,001 application came in, and he burst out laughing. 309 00:17:00,000 --> 00:17:02,000 So, I'm not, that's a true story. 310 00:17:02,000 --> 00:17:04,000 I won't say who it was, but he burst out laughing. 311 00:17:04,001 --> 00:17:06,001 So, we're happy to work. 312 00:17:06,001 --> 00:17:08,001 It's not something that's an easily accomplished thing. 313 00:17:09,000 --> 00:17:11,001 But again, if you want to try, we're happy to work with you. 314 00:17:11,001 --> 00:17:14,000 So, step one is you really have to exist, right? 315 00:17:16,001 --> 00:17:18,000 Step two, you open accounts. 316 00:17:18,001 --> 00:17:23,001 So, in our case, we have a low-income charter, which is really good because, one, 317 00:17:23,001 --> 00:17:26,000 it allows anybody in the U. S. to make deposits with us. 318 00:17:27,000 --> 00:17:29,001 And two, we actually serve a low-income community. 319 00:17:29,001 --> 00:17:32,000 In that case, the person standing there is a Mexican Consul 320 00:17:32,000 --> 00:17:33,001 General who came to our opening. 321 00:17:33,001 --> 00:17:34,001 So, we open accounts. 322 00:17:34,001 --> 00:17:35,001 So, that's step two. 323 00:17:36,001 --> 00:17:37,000 There's four easy steps. 324 00:17:37,001 --> 00:17:38,001 Three is we change the world of banking. 325 00:17:38,001 --> 00:17:40,001 Well, we're working on that. 326 00:17:41,001 --> 00:17:42,001 It's a little slow. 327 00:17:42,001 --> 00:17:45,000 We would actually like to partner with you on things like that. 328 00:17:46,000 --> 00:17:46,001 But we're trying. 329 00:17:47,000 --> 00:17:48,000 And then step four, you dance. 330 00:17:50,000 --> 00:17:51,000 This is also at our opening. 331 00:17:52,000 --> 00:17:53,001 So, where do you go from here? 332 00:17:53,001 --> 00:17:57,000 So, as Brewster said, please sign up as individuals. 333 00:17:57,000 --> 00:17:58,001 Don't sign up 50,000 people yet. 334 00:17:58,001 --> 00:17:59,001 But go online. 335 00:18:01,001 --> 00:18:05,001 If you go into iafcu.org, this is a beta site. 336 00:18:06,001 --> 00:18:07,001 Brewster is the techie in the family. 337 00:18:07,001 --> 00:18:09,001 I'm more the marketing person in the family. 338 00:18:10,000 --> 00:18:11,000 So, if you like the design, that's me. 339 00:18:11,001 --> 00:18:14,000 But I also put together a whole website. 340 00:18:14,000 --> 00:18:15,001 So, we take comments and we take them. 341 00:18:16,000 --> 00:18:17,000 We're happy to get comments from people. 342 00:18:17,000 --> 00:18:18,001 So, if you're going through the website and you have 343 00:18:18,001 --> 00:18:20,000 suggestions, it's a beta site. 344 00:18:21,001 --> 00:18:24,000 So, we're happy to take any and all of your suggestions. 345 00:18:25,000 --> 00:18:29,000 And as a side note for anybody who's interested, because we are not-for-profit, 346 00:18:29,001 --> 00:18:34,000 this is our own pitch for money, we reserve the first 5,000 account numbers. 347 00:18:34,000 --> 00:18:37,000 And we take donations if you want an account number. 348 00:18:37,000 --> 00:18:39,001 So, for example, 1234 is up for donations. 349 00:18:40,001 --> 00:18:41,000 Just an FYI. 350 00:18:42,000 --> 00:18:42,001 All right. 351 00:18:43,001 --> 00:18:46,001 So, again, our question to you, as opposed to telling you 352 00:18:46,001 --> 00:18:48,001 is, how can we help the Bitcoin movement? 353 00:18:49,000 --> 00:18:53,000 Call me, contact me, email me, whatever it is, contact us. 354 00:18:53,000 --> 00:18:56,001 That's my personal-that's my business email address. 355 00:18:57,000 --> 00:18:57,001 There's our website. 356 00:18:58,001 --> 00:18:59,001 And then I think Brewster has one more thing. 357 00:19:00,001 --> 00:19:01,001 Did you want to talk about engineers? 358 00:19:02,000 --> 00:19:02,000 Oh, yes. 359 00:19:02,001 --> 00:19:03,001 They're hiring engineers. 360 00:19:04,001 --> 00:19:05,000 Well, they are. 361 00:19:05,000 --> 00:19:06,001 Yes, the Internet Archive is. 362 00:19:07,001 --> 00:19:09,000 So, that's our shtick. 363 00:19:09,001 --> 00:19:13,001 And I think we've got still 15 minutes to talk. 364 00:19:14,000 --> 00:19:16,000 The key thing is, what can we do? 365 00:19:16,001 --> 00:19:17,000 What should you do? 366 00:19:17,001 --> 00:19:20,001 How do we go and make this whole thing run better? 367 00:19:20,001 --> 00:19:21,000 Want to stand up? 368 00:19:23,000 --> 00:19:24,000 [...] 369 00:19:24,000 --> 00:19:24,001 Any questions? 370 00:19:26,000 --> 00:19:26,000 Yes. 371 00:19:33,000 --> 00:19:36,000 And does the Bitcoin community need a bank? 372 00:19:37,000 --> 00:19:37,000 How are you? 373 00:19:39,000 --> 00:19:42,001 And maybe you could stand up and say a little bit of how and why and what and 374 00:19:42,001 --> 00:19:44,001 -so after the question. 375 00:19:46,000 --> 00:19:46,001 Yo, Brewster. 376 00:19:46,001 --> 00:19:47,000 Cool. 377 00:19:49,000 --> 00:19:50,000 Yo, Brewster. 378 00:19:50,000 --> 00:19:52,001 Or was it the other gentleman said, go to the thing and sign up. 379 00:19:53,001 --> 00:19:54,000 That's Jordan. 380 00:19:54,000 --> 00:19:54,000 I'm Brewster. 381 00:19:55,001 --> 00:19:57,001 One of you said, go there and sign up. 382 00:19:58,000 --> 00:20:00,000 So, where's your sign up button? 383 00:20:01,000 --> 00:20:01,001 Right on there. 384 00:20:02,000 --> 00:20:04,000 Go on the screen and say- Open an account. 385 00:20:04,001 --> 00:20:05,000 Open an account. 386 00:20:05,000 --> 00:20:06,001 It's big and bold right there. 387 00:20:06,001 --> 00:20:06,001 Good. 388 00:20:06,001 --> 00:20:08,000 I didn't see the word sign in. 389 00:20:08,000 --> 00:20:09,001 Tap on the open an account, follow it through, and I will answer it again. 390 00:20:09,001 --> 00:20:10,000 You see that? 391 00:20:10,001 --> 00:20:11,001 That's the-anyway. 392 00:20:11,001 --> 00:20:11,001 That's what we need. 393 00:20:11,001 --> 00:20:13,001 You know, UI is really, really hard. 394 00:20:14,001 --> 00:20:17,000 Anybody that says, oh, yeah, yeah, you just make it look like Amazon. 395 00:20:17,000 --> 00:20:17,001 It'll all just work. 396 00:20:18,000 --> 00:20:18,001 Yeah, it's really hard. 397 00:20:19,000 --> 00:20:19,000 I know. 398 00:20:19,001 --> 00:20:20,000 That's right. 399 00:20:20,000 --> 00:20:20,001 [...] 400 00:20:20,001 --> 00:20:22,000 All right. 401 00:20:25,000 --> 00:20:25,000 Yay. 402 00:20:26,000 --> 00:20:30,000 Credit unions are better than banks in a lot of respects, and banks do suck. 403 00:20:31,000 --> 00:20:35,000 So, what makes your credit union different and better than other credit unions, 404 00:20:35,000 --> 00:20:37,000 like Tech-CU or something like that? 405 00:20:38,000 --> 00:20:38,001 Okay. 406 00:20:39,000 --> 00:20:39,001 I can answer. 407 00:20:40,000 --> 00:20:40,001 We're not. 408 00:20:41,000 --> 00:20:43,001 And so, that's the wonderful thing about credit unions, right? 409 00:20:43,001 --> 00:20:45,001 So, there are really three brands of credit unions, right? 410 00:20:46,000 --> 00:20:47,001 There are little small credit unions that 411 00:20:47,001 --> 00:20:49,000 we're trying to help that are really struggling. 412 00:20:49,000 --> 00:20:51,001 There are mid-level credit unions of which we're hoping to be 413 00:20:51,001 --> 00:20:53,001 part of soon, and we share. 414 00:20:54,001 --> 00:20:58,000 The furniture in our office was donated by another credit union, right? 415 00:20:58,000 --> 00:21:01,001 So, we never dish on any other credit union, and then there are some credit 416 00:21:01,001 --> 00:21:03,001 unions that are actually bank wannabes, right? 417 00:21:03,001 --> 00:21:04,000 [...] 418 00:21:04,000 --> 00:21:05,001 Those are the ones you kind of want to stay away from because 419 00:21:05,001 --> 00:21:08,000 they're going to treat you the same as a big bank with. 420 00:21:08,000 --> 00:21:09,001 In other words, they're happy to take your fees and 421 00:21:09,001 --> 00:21:11,000 they'll never give you a loan type of thing, right? 422 00:21:12,001 --> 00:21:16,000 But we love other credit unions, and we're not trying to say 423 00:21:16,000 --> 00:21:17,001 that we're better than any other credit union. 424 00:21:17,001 --> 00:21:19,000 We're just willing to work with you. 425 00:21:20,000 --> 00:21:25,001 So, an idea on this was to try to start up something new would take a while. 426 00:21:26,000 --> 00:21:27,001 Jordan was available. 427 00:21:28,000 --> 00:21:33,000 Let's go and build a piece of potential infrastructure and design it really 428 00:21:33,000 --> 00:21:35,001 around the mindset of the Internet. 429 00:21:36,000 --> 00:21:39,001 So, that's the reason why we didn't buy a failing credit union. 430 00:21:39,001 --> 00:21:42,000 I guess you don't buy them, but you sort of can kind of take them. 431 00:21:42,000 --> 00:21:45,000 Anyway, if they're going down, then there's ways. 432 00:21:45,001 --> 00:21:46,001 We didn't do it. 433 00:21:46,001 --> 00:21:50,001 And we didn't buy a bank or a community bank or whatever it was because we wanted 434 00:21:50,001 --> 00:21:53,000 to start from scratch, be straightforward with the regulators. 435 00:21:53,001 --> 00:21:56,000 We wanted to build something a little bit different. 436 00:21:56,001 --> 00:22:00,000 And it took us a while to get here. 437 00:22:00,001 --> 00:22:05,000 And with the events in the Bitcoin community, there sort of felt like a 438 00:22:05,000 --> 00:22:06,001 convergence, right? 439 00:22:06,001 --> 00:22:12,001 That it took two years of Jordan and several others working really, really hard 440 00:22:12,001 --> 00:22:17,001 to get it so we could have an ATM machine that is still on a 441 00:22:17,001 --> 00:22:19,000 pallet someplace in a manufacturer. 442 00:22:19,001 --> 00:22:23,001 And it took me about 30 minutes to make an ATM machine for Bitcoin. 443 00:22:24,001 --> 00:22:28,000 I bought the little cash box and said, I'll put the sticker on it. 444 00:22:28,001 --> 00:22:30,000 Presto ATM machine. 445 00:22:30,000 --> 00:22:36,000 And it was like it's been a very interesting kind of world to see these two 446 00:22:36,000 --> 00:22:38,000 things in parallel. 447 00:22:39,000 --> 00:22:43,001 The more I learn about banks, they just take skim off of lots and lots of things. 448 00:22:44,000 --> 00:22:51,000 So, can we go and help the Bitcoin community by being something 449 00:22:51,000 --> 00:22:53,000 that would be useful in this world? 450 00:22:53,000 --> 00:22:54,000 And we don't know. 451 00:22:54,001 --> 00:22:57,000 And we don't know enough about the regulatory issues. 452 00:22:57,000 --> 00:23:01,001 But this is at all like what I saw through the whole development of the World 453 00:23:01,001 --> 00:23:05,000 Wide Web, which I participated in, or BitTorrent. 454 00:23:05,001 --> 00:23:06,001 It takes a while. 455 00:23:07,000 --> 00:23:08,001 And the regulators don't know either. 456 00:23:09,000 --> 00:23:13,000 And it really helps to have a legitimate player at the table. 457 00:23:14,000 --> 00:23:18,001 So, it doesn't all seem like Silk Road or, you know, when I talked about Bitcoin 458 00:23:18,001 --> 00:23:21,001 to my 18-year-old kid, he said, oh, yeah, you can buy weapons. 459 00:23:21,001 --> 00:23:23,000 It's like, shoot. 460 00:23:24,000 --> 00:23:24,001 You're missing. 461 00:23:25,000 --> 00:23:30,000 So, the idea of, you know, I think we've got a branding problem right now. 462 00:23:31,000 --> 00:23:33,001 And I think we've, maybe we have a reality problem. 463 00:23:33,001 --> 00:23:37,000 So, how do we go and make an efficient system work? 464 00:23:37,000 --> 00:23:40,000 I think of Bitcoin as the local currency of the Internet. 465 00:23:41,000 --> 00:23:44,001 Local currency in the full sense of that kind of, it reinforces a community. 466 00:23:45,000 --> 00:23:46,001 It tries to keep the money inside. 467 00:23:47,000 --> 00:23:49,001 It sort of really helps something new happen. 468 00:23:50,000 --> 00:23:51,001 And the Internet is innately distributed. 469 00:23:51,001 --> 00:23:54,001 So, the idea of a local, anyway, I think it's a cool idea. 470 00:23:55,000 --> 00:24:00,000 And so, if there's some way that we can use this credit union in that way, I 471 00:24:00,000 --> 00:24:02,001 think it might be one of the best things the Internet Archive has ever done. 472 00:24:03,000 --> 00:24:07,000 And just sort of add one more respectful thing to your question is, where we're 473 00:24:07,000 --> 00:24:11,001 different but not better is, weirdly enough, we're the first full-service credit 474 00:24:11,001 --> 00:24:13,001 union chartered in, and we're a 475 00:24:13,001 --> 00:24:15,000 federal charter, so we can operate anywhere, right? 476 00:24:15,000 --> 00:24:19,000 But we're in New Jersey, in New Jersey in 50 years, 5-0, right? 477 00:24:19,000 --> 00:24:23,001 So, we come out of the gate full-service, and a lot of credit unions, 478 00:24:24,000 --> 00:24:26,000 unfortunately, the smaller ones who were worried about, didn't. 479 00:24:26,001 --> 00:24:28,000 So, we have ATM cards, right? 480 00:24:28,001 --> 00:24:29,000 We have an ATM. 481 00:24:29,001 --> 00:24:30,000 We have online banking. 482 00:24:30,001 --> 00:24:34,000 We have every CD's and everything else in business accounts, everything else you 483 00:24:34,000 --> 00:24:38,000 could possibly want that, but in a less pretty package than Bank of 484 00:24:38,000 --> 00:24:40,000 America, that you could want. 485 00:24:40,001 --> 00:24:40,001 So, sorry. 486 00:24:43,000 --> 00:24:46,001 You're like my hero for so long, Mr. Tranell. 487 00:24:46,001 --> 00:24:48,001 It's wonderful to see you. 488 00:24:49,001 --> 00:24:54,000 One of the things I've been wondering about Bitcoin banking is, what kind of 489 00:24:54,000 --> 00:24:57,000 capital requirements are you going to be able to do loans and stuff like that 490 00:24:57,000 --> 00:25:02,000 when everything is based on these keys that are, have you guys thought about 491 00:25:02,000 --> 00:25:03,001 the sort of nuts and bolts of this thing? 492 00:25:05,000 --> 00:25:10,001 So, in terms of loans with Bitcoins, Jordan's been just trying to build a basic 493 00:25:10,001 --> 00:25:14,001 credit union and get that functioning, and I've been learning a lot about the 494 00:25:14,001 --> 00:25:17,000 Bitcoin community by really trying it and trying to 495 00:25:17,000 --> 00:25:18,001 get the local merchants on board. 496 00:25:20,001 --> 00:25:23,000 And it's been a real struggle to get local merchants on board. 497 00:25:23,001 --> 00:25:24,001 So, how do we go and have cards? 498 00:25:25,000 --> 00:25:27,001 How do we make it easier, I think, is some of what you're seeing here. 499 00:25:28,000 --> 00:25:29,000 But this is the most fun. 500 00:25:29,000 --> 00:25:32,000 Bitcoin, during 2013, is a blast. 501 00:25:32,001 --> 00:25:38,000 I remember going in 1991, it was in 1992, I think it was in the same section of 502 00:25:38,000 --> 00:25:41,000 the San Jose Convention Center about the internet. 503 00:25:42,000 --> 00:25:46,000 And it was the same sort of, you know, the tables looked like they were high 504 00:25:46,000 --> 00:25:49,001 school science projects, just like this. 505 00:25:50,000 --> 00:25:54,000 And it's just sort of cool to have people with the lights in their eyes saying, 506 00:25:54,000 --> 00:25:57,001 I'm not quite sure where it's going, but I want to be a part of it. 507 00:25:57,001 --> 00:25:59,000 Let's make something happen together. 508 00:25:59,001 --> 00:26:01,000 That one turned out really well. 509 00:26:01,001 --> 00:26:05,001 And I think that there's the same kind of energy and dynamic and 510 00:26:05,001 --> 00:26:07,001 fun is happening. 511 00:26:08,000 --> 00:26:11,000 You know, we should make sure that it stays fun, because that's what's going to 512 00:26:11,000 --> 00:26:14,000 get more and interesting people involved in our little field. 513 00:26:15,000 --> 00:26:19,000 And so, how the internet archive can be involved in this, beyond just, you know, 514 00:26:19,001 --> 00:26:22,000 making a sushi bar go Bitcoin, don't know. 515 00:26:23,000 --> 00:26:23,001 Okay, cool. 516 00:26:23,001 --> 00:26:25,001 I didn't even know you guys were going to be 517 00:26:25,001 --> 00:26:27,000 presenting here, and it's an awesome, great presentation. 518 00:26:27,001 --> 00:26:30,001 But I guess I know you guys are fans of open source at the internet archive, and 519 00:26:30,001 --> 00:26:32,001 I'm just wondering how radically open source is this 520 00:26:32,001 --> 00:26:34,001 bank going to be like, am I... 521 00:26:34,001 --> 00:26:35,000 Oh, okay. 522 00:26:35,001 --> 00:26:39,000 The way this thing works is online banking, like, I help contribute to that, or 523 00:26:39,000 --> 00:26:41,000 is that something that could ever... 524 00:26:41,000 --> 00:26:42,000 We could definitely use help. 525 00:26:42,001 --> 00:26:43,000 Just try our website. 526 00:26:43,001 --> 00:26:45,000 Okay, so the way that the... 527 00:26:45,000 --> 00:26:46,001 You know, unappreciated. 528 00:26:47,000 --> 00:26:47,001 Unappreciated. 529 00:26:47,001 --> 00:26:48,001 What can I say? 530 00:26:49,001 --> 00:26:50,000 Beautiful. 531 00:26:50,001 --> 00:26:51,001 No tech background. 532 00:26:52,000 --> 00:26:53,001 I built the damn website. 533 00:26:54,000 --> 00:26:54,001 Okay, all right. 534 00:26:55,000 --> 00:27:00,000 Okay, but what it is in terms of all of the back end infrastructure, so actually 535 00:27:00,000 --> 00:27:04,001 what manages the money and all of the things, is another member owned community. 536 00:27:05,001 --> 00:27:08,000 What is a credit union owned cooperative? 537 00:27:08,000 --> 00:27:08,001 [...] 538 00:27:09,001 --> 00:27:11,000 Called CU Answers. 539 00:27:11,001 --> 00:27:18,001 So the back end, when you go to the IAFCU. org, and you go 540 00:27:18,001 --> 00:27:25,001 and say, go to the online bank, it's called 24-7, then you'll basically 541 00:27:25,001 --> 00:27:31,001 leave our site to another thing, and that is a back end infrastructure, and they 542 00:27:31,001 --> 00:27:36,000 are non-profit and community oriented, but they are not open source. 543 00:27:36,001 --> 00:27:42,000 And so we are really kind of a thin facade, technically, on top of those guys. 544 00:27:42,000 --> 00:27:46,001 So those guys are the ones that handle all the check cashing, the debit card 545 00:27:46,001 --> 00:27:49,000 things, but you've put together all of these organizations 546 00:27:49,000 --> 00:27:50,001 and they're all sort of plugged together. 547 00:27:51,000 --> 00:27:53,000 Now, what should we do? 548 00:27:53,000 --> 00:27:59,000 We should probably go and start again and make an open source platform, or help 549 00:27:59,000 --> 00:28:03,000 out CU Answers and go and make them open source and fix it. 550 00:28:03,001 --> 00:28:06,000 But I think they're in Minnesota. 551 00:28:07,001 --> 00:28:08,000 They're in Michigan. Same thing. 552 00:28:09,000 --> 00:28:15,001 But to that end, if you're volunteering, they're actually semi-open source, 553 00:28:16,000 --> 00:28:19,001 meaning that they have to service 200 or other credit unions, because basically 554 00:28:19,001 --> 00:28:23,000 what happens is people got together, they built a platform and they said, great, 555 00:28:23,000 --> 00:28:25,000 let's distribute, it's the credit union model, right? 556 00:28:25,000 --> 00:28:26,001 Let's distribute it among as many people as possible. 557 00:28:27,000 --> 00:28:31,000 And they've actually opened up to us saying that they would like, they will take 558 00:28:31,000 --> 00:28:33,001 advice from us and maybe even make changes. 559 00:28:34,000 --> 00:28:37,001 So if you're volunteering, call me. You've got my information? 560 00:28:37,001 --> 00:28:42,000 Set up an account, try it out, get frustrated and do what we do. 561 00:28:42,001 --> 00:28:42,001 Fix it. 562 00:28:43,000 --> 00:28:43,001 Fix it. Exactly. 563 00:28:44,000 --> 00:28:44,001 Thanks, guys. 564 00:28:44,001 --> 00:28:45,001 We're up for it, right? 565 00:28:46,001 --> 00:28:46,001 Yes. 566 00:28:47,000 --> 00:28:52,000 I've got a friend who's a developer and an engineer who's looking for it. 567 00:28:52,000 --> 00:28:53,001 What kind of engineers are you hiring? 568 00:28:54,000 --> 00:28:54,001 Okay. 569 00:28:55,000 --> 00:28:59,001 So the Internet Archive Federal Credit Union isn't hiring anymore until we can 570 00:28:59,001 --> 00:29:02,000 figure out how to get all of the stuff going. 571 00:29:02,000 --> 00:29:05,001 But the Internet Archive is, and we're looking for anywhere from people that can 572 00:29:05,001 --> 00:29:10,001 run tens of petabytes and tens of gigabits, sort of back-end infrastructure and 573 00:29:10,001 --> 00:29:13,000 also the website, which also needs serious work. 574 00:29:13,001 --> 00:29:17,001 So yes, and that's the San Francisco-based place. 575 00:29:18,001 --> 00:29:24,000 This might be a silly question, but the Internet Credit Union, is 576 00:29:24,000 --> 00:29:25,001 it a Bitcoin credit union? 577 00:29:25,001 --> 00:29:29,001 And do I deposit Bitcoins at the credit union? 578 00:29:29,001 --> 00:29:31,001 That is a good question, and no, not yet. 579 00:29:32,000 --> 00:29:35,001 If we can figure out, and the reason why Jordan's here from beautiful New 580 00:29:35,001 --> 00:29:37,001 Jersey, to visit this sort of... 581 00:29:37,001 --> 00:29:39,000 I actually do live in the nice part of the shore. 582 00:29:39,001 --> 00:29:44,001 And is to figure out how we might be able to work back and forth. 583 00:29:44,001 --> 00:29:46,000 And there are some restrictions, though. 584 00:29:46,001 --> 00:29:53,001 It looks like the idea of Bitcoins being held by the Internet Credit Union 585 00:29:53,001 --> 00:29:58,001 on account for people may not be the easiest thing to get through the NCUA. 586 00:29:59,000 --> 00:30:04,001 So having some kind of partnership, so if we could hold money and do the sort of 587 00:30:04,001 --> 00:30:09,001 things that banks do, sort of now, but work with somebody else, but not to be 588 00:30:09,001 --> 00:30:13,001 sneaky, but to just sort of put together the right pieces in the same sense that 589 00:30:13,001 --> 00:30:16,001 we're putting all the right pieces together, we're hoping that that can work. 590 00:30:17,000 --> 00:30:22,000 And so we've had some very encouraging conversations with some of the people that 591 00:30:22,000 --> 00:30:24,000 are exhibiting here, and we want more. 592 00:30:24,001 --> 00:30:28,001 We're basically just trying to figure out how can we be maximally helpful and 593 00:30:28,001 --> 00:30:30,000 not turn into a smoking crater. 594 00:30:30,001 --> 00:30:34,001 So I'm just curious, like what is one possibility that you see? 595 00:30:34,001 --> 00:30:37,000 Like what could be enabled by a partnership? 596 00:30:38,000 --> 00:30:41,000 Exchanges that don't get nuked. 597 00:30:42,001 --> 00:30:42,001 Thanks. 598 00:30:44,000 --> 00:30:44,001 Ryan, go. 599 00:30:54,001 --> 00:31:00,000 So if you map their insured accounts to Bitcoin exchange accounts, you can have 600 00:31:00,000 --> 00:31:03,001 NCUA insurance of 250 grand on Bitcoin exchange accounts. 601 00:31:04,001 --> 00:31:08,000 So now even if the exchange gets shut down, the federal government is 602 00:31:08,000 --> 00:31:09,001 on the hook to give the money back to the users. 603 00:31:12,001 --> 00:31:13,000 Okay, that's one. 604 00:31:13,001 --> 00:31:18,000 There was another idea, which is what happens if you could have a debit card that 605 00:31:18,000 --> 00:31:23,000 basically, yes, it pays dollars, but your account in effect 606 00:31:23,000 --> 00:31:25,001 is denominated in Bitcoin. 607 00:31:26,000 --> 00:31:28,000 So you're taking the currency risk, if you will. 608 00:31:29,001 --> 00:31:30,001 That was your idea? 609 00:31:31,000 --> 00:31:33,000 So anyway, maybe it was your idea. 610 00:31:33,001 --> 00:31:39,001 So if there's a way of trying to make it so that there's an easier flow, and the 611 00:31:39,001 --> 00:31:41,001 transaction costs are really hard. 612 00:31:41,001 --> 00:31:45,001 We were just talking with a friend of mine, Mitra Ardran, who's building a 613 00:31:45,001 --> 00:31:49,001 distributed micro utility in developing countries. 614 00:31:49,001 --> 00:31:55,001 And how do you go and take two dollar things from people and 615 00:31:55,001 --> 00:31:57,001 not lose all of it through fees? 616 00:31:58,001 --> 00:31:59,001 Bitcoin can help. 617 00:32:00,000 --> 00:32:02,001 Would you take Bitcoin to security for a moment? 618 00:32:03,001 --> 00:32:07,001 So there's no one yet, so let's go to your idea, right? 619 00:32:08,000 --> 00:32:13,000 So one of the things that was floated out there would be, let's say you want to 620 00:32:13,000 --> 00:32:15,001 hold onto your Bitcoins and you want to live your life, right? 621 00:32:16,000 --> 00:32:19,001 One of the things that credit unions can do, and actually if you remember from 622 00:32:19,001 --> 00:32:23,001 the things for loans, right, is you could in effect take 623 00:32:23,001 --> 00:32:25,000 what's known as a shared secured loan. 624 00:32:25,000 --> 00:32:27,001 So you put a thousand dollars in the credit union, right? 625 00:32:28,000 --> 00:32:31,001 Sorry, you put some minimal amount, you borrow a thousand dollars from the credit 626 00:32:31,001 --> 00:32:34,001 union, you buy Bitcoins, you leave those Bitcoins wherever they are, right? 627 00:32:35,000 --> 00:32:37,001 We loan you that thousand dollars, and then you 628 00:32:37,001 --> 00:32:39,000 live off that thousand dollars, right? 629 00:32:39,000 --> 00:32:41,000 Or however much money that is. 630 00:32:41,000 --> 00:32:46,001 So in effect, we're not securitizing the thing with Bitcoins, right? 631 00:32:46,001 --> 00:32:52,000 But you can use that money that you had and then buy Bitcoins with it. 632 00:32:52,000 --> 00:32:55,000 Because once you take a loan from us, that's not our responsibility, what you do 633 00:32:55,000 --> 00:32:58,000 the loan, well, if you're nuking somebody it is, but if 634 00:32:58,000 --> 00:32:59,001 you're doing something illegal. 635 00:33:00,000 --> 00:33:01,000 Anyway, this is some of the ideas. 636 00:33:01,001 --> 00:33:05,000 And all of these ideas are for us completely new and interesting. 637 00:33:05,001 --> 00:33:09,001 And so we're trying to find what's the right thing, what would actually cause it, 638 00:33:10,000 --> 00:33:13,000 make it so that, you know, I could use Bitcoins all the time. 639 00:33:13,000 --> 00:33:13,001 [...] 640 00:33:13,001 --> 00:33:18,001 So do credit unions have the same type of covenants as banks? 641 00:33:18,001 --> 00:33:22,001 In other words, if you make a loan on, you know, a portfolio of Bitcoins that's 642 00:33:22,001 --> 00:33:27,000 worth $50,000 a day, it's a flash crash that's worth $5,000, would they call it a 643 00:33:27,000 --> 00:33:29,000 loan, or as long as it makes a payment [... ] the loan? 644 00:33:31,000 --> 00:33:33,001 So that's a further discussion, right? 645 00:33:34,000 --> 00:33:37,000 There are different, slightly different covenants for credit unions in general, 646 00:33:37,000 --> 00:33:40,001 but the example that I was giving before would be, if you had 647 00:33:40,001 --> 00:33:42,000 took out an unsecured loan, right? 648 00:33:42,000 --> 00:33:46,000 So the unsecured loan was essentially on you, and maybe a Bitcoin 649 00:33:46,000 --> 00:33:47,001 exchange secures your loan, right? 650 00:33:47,001 --> 00:33:50,000 So that you have the coins with them, right? 651 00:33:50,000 --> 00:33:53,001 And they basically act as your loan guarantor, right? 652 00:33:54,000 --> 00:33:56,001 And then therefore they can do that, and you can get the loan, and 653 00:33:56,001 --> 00:33:58,000 you can give them a co- we don't know yet, right? 654 00:33:58,001 --> 00:33:59,001 It's all vague ideas. 655 00:34:00,000 --> 00:34:02,000 And on that note, why don't we give our speakers a round of applause 656 00:34:02,000 --> 00:34:04,000 and move on to the last presentation. 657 00:34:04,000 --> 00:34:17,001 Thank you.